Product ID: SQSG15A2042
Report ID: SQSG15A2042 | Region: Global | Published Date: September, 2022 | Pages: 157 | Tables: 66 | Figures: 75
Global Lubricant Additives Market size was valued at USD 21.76 billion in 2021 and is poised to grow from USD 22.57 billion in 2022 to USD 31.29 billion by 2030, growing at a CAGR of 3.7% in the forecast period (2023-2030).
Lubricant additives refer to chemical components which are used to improve the performance of the lubricants and provide one or more functions in the fluid. Lubricant additives are generally added to base oils to make complete lubricants. Generally additives are multifunctional and provide variety of functions such as boundary lubricity, inhibiting corrosion, emulsification and anti-misting properties to name a few.
Increasing demand from automobile sector across the world is one of the major contributor to the growth of lubricant additives market. The government initiatives to decrease prices of biomass derived fuels and the use of additives in blending of base oil to increase the service life and performance of the lubricants are major market growth drivers. Strict environmental regulations regarding emissions and industrial growth in Middle East and Africa region are also driving the growth of the market. With the growing popularity of high performance lubricant in Asia Pacific region there is an opportunity for the market growth in the near future. On the other hand increasing oil change period in automobiles and machinery, fluctuating crude oil prices are some of the factors with may be detrimental to the market growth.
US Lubricant Additives Market is poised to grow at a sustainable CAGR for the next forecast year.
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The global lubricant additives market is segmented on the basis of Lubricant additive type, application, and region. According to the lubricant type, the lubricant additives market is segmented into dispersants, detergents, anti-wear agents, antioxidants, corrosion inhibitors, emulsifier, and others. On the basis of application, the Lubricant Additives Market is divided into automotive lubricants and industrial lubricants. Automotive lubricant segment is further bifurcated into passengers, heavy-duty and other automobile whereas industrial lubricants segment is divided into metalworking fluids, industrial engine oils, general industrial oils and others. According to the region, the Lubricant Additives Market is divided into North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa.
Lubricant Additives Market Analysis by Application
The automotive segment dominated the global market in 2021. However, the industrial segment is showing a rapid growth and is expected to grow substantially during the forecast period. Previously passenger car oil segment in automotive segment was dominating and it is expected to maintain its position during the forecast period. Different factors like EURO norms, regulating the amount of nitrogen oxide, soot, carbon monoxide and hydrocarbons are the drivers for passenger car oil market.
In the industrial lubricants segment, general industrial oil accounted for more than 35% of global volume in 2014 and is expected to be the fastest-growing segment in the future. Manufacturing facility relocation to low-cost Asian markets is no longer appealing due to the region's manufacturers' declining cost competitiveness.
In addition, these manufacturers are improving and modernizing their manufacturing processes in order to compete globally. This is expected to have an impact on market dynamics in terms of the volume and quality of lubricants consumed.
Lubricant Additives Market Analysis by Type
On the basis of type, the dispersant segment is expected to attain the highest market share during the forecast period. In automotive as well as the industrial segment dispersant is one of the important additives used in making of additive packages i.e. lubricant mixed with additives. It inhibits sludge formation by suspending the insoluble contaminants in the oil. Their main function is to keep the soot particles in the diesel engine finely dispersed and suspended in the oil so that it will minimize the damage and can be carried out during oil change. Dispersants are generally found in engine oil to help keep engine clean and 3 quarter of their usage is accounted for by diesel and gasoline engines approximately.
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In 2021, Asia Pacific dominated the lubricant additives market in terms of revenue and is expected to dominate the position during the forecast period. The development of fuel efficiency standards, combined with growing environmental concerns about carbon emissions in China, India, and Japan, are expected to drive growth. Economic growth in the region, combined with industrialization, has resulted in increased vehicle production and ownership.
In the Asia-Pacific region China, India and Japan are the important markets for lubricant additives. In India with the growing investment in the manufacturing sectors, the demand for lubricating oil additives has increased.
The permissible emission limits in Europe and North America are extremely low, owing to strict emission standards. These regions' high disposable incomes enable OEMs to provide better technology for vehicle engines. In these regions, high-quality lubricants are preferred. These lubricants are engine compatible, resulting in lower emissions and better fuel economy. Emission standards in Middle Eastern countries like the UAE have also improved over time.
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Lubricant Additives Market Driver
Food-grade lubricants, such as gear oils, chain oils, compressor oils, hydraulic oils, and corrosion preventive oils, are used in a variety of system elements across manufacturing and processing lines. In food processing, lubricant additives such as antioxidants, anti-wear additives, thickeners, tackifiers, and so on are used. Food-grade lubricants are an important component in food processing and handling for both food safety and machinery health. Furthermore, key players in the food lubricant additives market are investing heavily in research, development, and innovation activities to launch customized lubricant additives for better performance and to improve sales
Lubricant Additives Market Restraint
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Global lubricant additives market is partially consolidated. There are four to five top players whose moderate share account for the market demand. Major players operating in the market of lubricant additives market include Evonik Industries AG, The Lubrizol Corporation, Afton Chemical Corporation, BASF SE, Lanxess AG, Tianhe Chemicals Group, Dover Chemical Corporation, JINZHOU KANGTAI LUBRICANT ADDITIVES CO. LTD., Wuxi South Petroleum Additives Co. Ltd., and Chemtura Corporation, Infineum International Limited, among others. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market.
Lubricant Additives Market Top Players in the Lubricant Additives Market
Lubricant Additives Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global lubricant additives market analysis, in terms of type, the segment of dispersant held the larger market share. This is attributed to its usage in automotive as well as industrial sector. In terms of application, the automotive lubricant additive segment held the larger share of the global lubricant additives market. Engine oil is the largest application for lubricant additives oil market. Asia Pacific held the largest market share and also the fastest growing region.
|Market size value in 2021||USD 21.76 billion|
|Market size value in 2030||USD 22.57 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
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For the Global Lubricant Additives Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Lubricant Additives Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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